Get Up To $1,500 Back With The Caesars Sportsbook Illinois Promo Code: SBBONUS15

The newest Illinois online sportsbook is Caesars, a highly anticipated sports betting app that offers competitive odds, a variety of features, and the well-known Caesars Rewards loyalty program. The Caesars Sportsbook Illinois promo code is SBBONUS15 for a 100% first bet insurance up to $1,100 back.

Follow these steps to get the Caesars Sportsbook Illinois promotion:

  1. Create your Caesars Illinois Sportsbook account with promo code: SBBONUS15
  2. Complete registration online (you no longer need to register in-person in Illinois).
  3. Deposit $10 or more using debit card, online bank transfer, PayPal, or any of the other available payment methods.
  4. Place your first bet up to $1,500 on any available sporting event, from college hoops and the NBA to hockey and soccer.
  5. If your bet wins, you can cash out immediately or keep the funds in your account. If your first bet loses, you’ll receive a free bet of equal value for a second chance at some winnings.

You’ll also have the rest of your deposit in your account for use on any sports betting market.

Caesars Sportsbook Illinois Promo Code: Quick Facts And T&Cs

Caesars Sportsbook Illinois Promo Code:SBBONUS15
Promotion:100% first bet insurance up to $1,500
Minimum Deposit:$10
Minimum Bet:$1.00
Best Features:Same-Game Parlays; Caesars Rewards program; Daily odds boosts
Caesars Illinois Casinos:Harrah's Joliet; Harrah's Metropolis; Grand Victoria Casino Elgin; Horseshoe Hammond (Indiana)
Promo Code Verified:July 2022

Note: There were no minimum odds or minimum bet size mentioned in the terms and conditions of the Caesars promotion. However, terms are subject to change, so be sure to read them before opting in to the deal.

How Does Bet Insurance Work?

The Caesars Sportsbook Illinois promo code is bet insurance, which is a pretty standard welcome offer for an online sports betting app. Basically, you get a second chance on a bet if the first bet loses. If it wins, then you simply keep the payout, and the money is immediately available for withdrawal. However, a lost bet is refunded as a free bet, which means it needs to be wagered an additional time before it’s turned into cash.

Also, you only receive the winnings on a free bet, not the wager and the winnings. But all real-money bets receive the full payout (winnings and wager).

Bet Insurance Vs. Risk-Free Bet

Bet insurance and a risk-free bet are the same thing. Caesars is calling their promotion first bet insurance while other sportsbooks like FanDuel and BetMGM call it a risk-free bet. There are some difference in the terms and conditions of each offer because different sportsbooks have different terms. But first bet insurance and a risk-free first bet is essentially the same deal.

Tips For Using The Caesars Sportsbook Illinois Promo Code

There’s no way to guarantee that you’ll win any wager, free bets included. But we do have some tips on using the Caesars Sportsbook Illinois promo code that bettors can consider before putting their free money on the line:

1. Give Yourself The Best Chance Of Cashing Out

If you lose your first bet and receive the free bet, the minimum odds are -300. That translates to about a 75% chance of winning. However, you only receive your winnings on a free bet (rather than the full payout), so if you’re looking to recoup your lost bet, you’d need to wager on odds +100 or longer, which is about a 47.83% percent chance of winning. How is +100 not a 50% chance? Because the sportsbook charge a vig, or a small free built into the odds. So the true odds are a bit longer than what’s shown at the sportsbook.

2. Go For The Biggest Payday

For the first bet itself, you may want to use it for a long-shot bet. That way, you have the potential to turn your risk-free bet into a big win, then get another chance at a bet if it loses. For example, maybe you want to use $100 on a 5-leg parlay with +2435 odds, which would pay out $2,435 if it hit. It’s an unlikely bet, but that would be quite the payday.

3. Make Sure To Follow The T&Cs

Every sports betting promotion has terms and conditions, and they can change at any moment. So check the sportsbook’s terms before you take advantage of any deal, including the Caesars Sportsbook Illinois promo code. On top of the minimum odds for the free bet, there are also time constraints, minimum deposits, and other factors that you need to know before making a deposit.

4. Bet On Your Favorite Team

Chicago is a sports town, meaning there’s almost always a hometown game going on no matter the season. A risk-free bet in sports betting is meant to be a fun way to potentially win some money, so why not use it on your favorite team? Whether it’s the Chicago Bulls, Chicago Blackhawks, or Chicago Fire, you can use your free bet at Caesars to support your players – and celebrate two wins at once.

5. Practice Responsible Gaming

Whether you’re betting with your own money or the house’s money, it’s crucial to practice Responsible Gaming. That includes setting time limits, never betting more than you can afford to lose, and taking extended breaks from gambling. Here’s a quick and helpful guide on Responsible Gaming to help you stay safe while staying entertained.

About the Author

Mike Epifani

Editor & Content Manager
Mike Epifani is the Editor and Content Manager of Bonus.com. As a highly experienced online gambling writer, Mike specializes in online casinos and sports betting; specifically, how to bet more while spending less. Ready to keep more of your money while staying safe and having fun? You're in the right place.